Absolutely correct. They are planning on taxing all money transfers over $600 as well. They literally want to tax you for moving money between your saving and checking account.
I've been pulling cash out of my checking account because it's probably a safer bet unless the criminalize cash itself (which isn't impossible).
Main difference is that they're never going to go after Tyrone and his instant Foot Locker inventory. It'll be used exclusively to squeeze Middle America just trying to scrape together a few bucks.
Who the fuck says these kikes should get a cut of your sale of personal items that you likely already paid tax on when buying? Fuck em and their greedy scams
Well, it really depends on what the actual purpose is.
I believe this is to catch untaxed rental income. Lots of people rent a room to somebody, get $700/mo paid with venmo or whatever cash app, and don't report it on their income taxes. IRS has no way to know if they are friends you're letting stay with you or if you garnering income.
After this change, I imagine unlabeled purchases will be defaulted to "goods and services" and the IRS will have 12 months of $700 transfers. 'Random' audit of these homeowners, easy $2000 tax recovered plus penalties, get promotion.
Of course homeowners should pay taxes on rental income, but for me furthering a draconian IRS overlord is worse than letting these small fries that rent under the table earn a few extra bucks.
There's nothing "theoretical" about it; if you made $600 or more in sales annually, you're getting a 1099-K. The onus is then on you to explain to the IRS how the items you've sold were at a loss (i.e. a yard sale) or at a profit (a business).
They're preemptively cracking down on the inevitable parallel economy so that it still feeds them and their efforts to subjugate everyone.
Next year a gallon of milk will cost $600 - and the IRS will have full control
Absolutely correct. They are planning on taxing all money transfers over $600 as well. They literally want to tax you for moving money between your saving and checking account.
I've been pulling cash out of my checking account because it's probably a safer bet unless the criminalize cash itself (which isn't impossible).
Which was another reason I hated that stupid fucking thing. Politicians are all worthless cunts.
Not at all surprising since the irs was also saying you owe taxes even off income made through illicit means
Main difference is that they're never going to go after Tyrone and his instant Foot Locker inventory. It'll be used exclusively to squeeze Middle America just trying to scrape together a few bucks.
tyrone is a classical irish name, fyi bois. Im taking it back.
Rescue?
You know, just like how the FBI, NSA, and CIA save lives...
On the bright side all manner of THOTs are in for a big surprise when an audit springs out of the darkness and puts them in a choke hold.
Their wails and lamentations will be entertaining.
Democrats are all about policing the little guy and giving the billionaires a pass
idk, the patriot act certainly made us more patriotic by supporting our rights......
Who the fuck says these kikes should get a cut of your sale of personal items that you likely already paid tax on when buying? Fuck em and their greedy scams
Well, it really depends on what the actual purpose is.
I believe this is to catch untaxed rental income. Lots of people rent a room to somebody, get $700/mo paid with venmo or whatever cash app, and don't report it on their income taxes. IRS has no way to know if they are friends you're letting stay with you or if you garnering income.
After this change, I imagine unlabeled purchases will be defaulted to "goods and services" and the IRS will have 12 months of $700 transfers. 'Random' audit of these homeowners, easy $2000 tax recovered plus penalties, get promotion.
Of course homeowners should pay taxes on rental income, but for me furthering a draconian IRS overlord is worse than letting these small fries that rent under the table earn a few extra bucks.
Did you move your selling somewhere else?
I used to make a lot on eBay, but haven't done it in a couple years. This development is giving me pause about returning.
There's nothing "theoretical" about it; if you made $600 or more in sales annually, you're getting a 1099-K. The onus is then on you to explain to the IRS how the items you've sold were at a loss (i.e. a yard sale) or at a profit (a business).
Hope you kept your receipts.